Where do I stake Cardano ADA? (Best Platforms 2024)

Looking to earn a passive income through Cardano staking? In this guide, we’ll break down the best platforms for you to earn ADA rewards today! 

Quick look: The best platforms to stake Cardano 

Daedalus: Best overall 

Yoroi: Best for earning rewards on-the-go 

Ledger: Best for security 

Exodus Wallet: Best for holding multiple cryptocurrencies

Binance/Binance.US: Best for staking through an exchange 

Where can I stake Cardano? 

Daedalus 

Best overall 

Daedalus is an open-source Cardano wallet built for desktop. The wallet allows users to stake their assets and earn rewards through different staking pools. 

Simply create your Daedalus account — then select the staking pool you wish to use to earn rewards! Typically, staking on Daedalus yields rewards around 5%. 

Daedalus may take up significant storage space on your desktop, because it is a full node browser with a complete record of the Cardano blockchain. However, it is considered the best option to keep your cryptocurrency secure. 

Yoroi 

Best for earning rewards on-the-go 

Like Daedalus, Yoroi is another open-source Cardano wallet. Yoroi is specifically designed for mobile — allowing you to manage your Cardano on-the-go! Staking on Yoroi yields rewards around 5%. 

Once you’ve transferred Cardano to your Yoroi wallet, you can select a staking pool to earn rewards. 

Ledger 

Best for security 

Ledger is a cold wallet that allows you to store Cardano and other cryptocurrencies securely. It can be a good option if you wish to minimize the risk of a potential hack. 

It’s important to remember that you’ll need a wallet application to pair with Ledger if you wish to stake your Cardano. Many investors choose to pair Ledger with applications like Yoroi. 

Exodus Wallet 

Best for holding multiple cryptocurrencies 

Exodus Wallet is another custodial wallet that allows you to stake ADA and other cryptocurrencies. Exodus Wallet’s staking rewards are typically around 4%. 

Exodus Wallet can be a good option if you are looking for a single wallet to store multiple cryptocurrencies. Exodus supports cryptocurrencies like ADA, ETH, and BTC. 

Binance/Binance.US 

Best for staking through an exchange 

Binance and Binance.US currently gives users the ability to stake ADA and other cryptocurrencies. While staking through Binance yields less rewards (Binance.US offers 0.8% rewards) — this can be a good option if you’re not comfortable with staking cryptocurrency on your own. 

It’s possible that Binance may be forced to withdraw this product in the future. Recently, the SEC has targeted exchanges like Kraken that have offered cryptocurrency staking to their customers (more on this later). 

Where can I earn Cardano interest? 

Currently, exchanges like Coinbase and Crypto.com offer interest rewards for customers who hold ADA on the platform. 

It’s important to remember that these platforms do not offer the ability to stake Cardano. In most cases, it’s likely that your interest rewards will be significantly lower than your potential APY from staking. 

Why can’t I stake Cardano on platforms like Kraken? 

In previous years, platforms like Kraken offered the ability to stake Cardano directly on the exchange. SEC Chair Gary Gensler said these types of offerings are illegal because they could be considered unregistered securities. 

In 2023, Kraken ended its staking-as-a-service offering and paid a $30 million fine to the SEC. 

How does Cardano staking work? 

Cardano is a decentralized blockchain — which means the network relies on the Cardano community to keep the blockchain running and maintain security. Investors can contribute their ADA to a staking pool — which helps validate transactions and protect Cardano from malicious actors. 

In return for helping Cardano run smoothly, stakers receive ADA rewards. 

Should I stake on an exchange or on a wallet? 

While staking on an exchange is generally considered to be more user-friendly than staking on a wallet, it’s important to keep in mind potential downsides to using an exchange. 

As discussed earlier, the SEC has recently cracked down on exchanges that offer staking-as-a-service to customers. Because of this, it’s possible that ADA staking on exchanges will not be available in the near future. 

In addition, many investors in the cryptocurrency abide by the phrase ‘not your keys, not your crypto’. After the wave of cryptocurrency exchange bankruptcies in 2022, many investors feel that their holdings are safer in custodial wallets rather than in centralized exchanges.